Up to 30% of Kazakhstan's pension assets may go to private managers

Kazakhstan plans to raise the share of pension assets managed by private domestic companies to 20-30% by 2030, the Agency for Regulation and Development of the Financial Market said. The move is part of a capital market development programme to 2030 developed with the National Bank.

Part of the National Bank's pension portfolio will be transferred in stages to licensed managers selected by competition, starting with government securities. Unified rules on risk, internal control and disclosure will apply, and an independent custodian will hold the assets separately from managers' own funds.

On September 4, National Bank Chairman Timur Suleimenov said legislative changes would be needed. 'Somewhere around the end of 2027 we can implement this approach in practice,' he said. Under the approach, results will be reviewed monthly, and assets will move to another manager if returns are low.